135.807
Delivery of lien certificate to eligible lending institution.

(A)
A
property tax payment linked deposit program shall provide for the delivery of a
lien certificate to an eligible lending institution making payment to the
county treasurer, pursuant to a loan agreement between the eligible lending
institution and eligible borrower, of some or all of the taxes then due on the
homestead of that eligible borrower.

(1)
To
ensure uniformity among all counties, the tax commissioner shall prescribe the
form for a lien certificate delivered pursuant to division (A) of this section,
which form shall include the identity of the homestead, the eligible borrower,
the eligible lending institution, the amount of taxes paid by that eligible
lending institution, and the tax year for which the taxes were paid. The tax
commissioner shall distribute the forms to the county treasurers of all
counties in which a property tax payment linked deposit program is
established.

(2)
A county
treasurer shall use the lien certificate form prescribed by the tax
commissioner, except that, prior to the time that a lien certificate form is
prescribed and the forms are distributed by the tax commissioner, the form
shall be prepared by the county treasurer of the county, contain the
information required by division (B)(1) of this section, and include the
following sentence: "This lien certificate is delivered pursuant to section
135.807 of the Revised Code and vests in the eligible lending institution the
first lien held previously by the state and its taxing districts for the amount
of taxes paid by the eligible lending institution, together with any and all
unpaid interest thereon."

(1)
The
delivery of the lien certificate pursuant to division (A) of this section vests
in the eligible lending institution the first lien held previously by the state
and its taxing districts for the amount of the taxes paid by the eligible
lending institution, together with any unpaid interest thereon from the date of
delivery at the interest rate specified in the loan agreement between the
eligible lending institution and the eligible borrower. The lien is superior to
any subsequent tax liens.

(2)
Subject to division (C)(3) of this section, the lien certificate delivered
pursuant to division (A) of this section is superior to all other liens and
encumbrances upon the homestead described in that lien certificate, and the
lien continues in full force and effect until the amount of all taxes paid by
the eligible lending institution, together with any unpaid interest thereon,
has been repaid to the eligible lending institution.

(3)
With
respect to the priority as among first liens of the state and its taxing
districts, the priority is determined by the date that the first liens of the
state and its taxing districts attached pursuant to section 323.11 of the
Revised Code, with first priority to the earliest attached lien and each
immediately subsequent priority based upon the next earliest attached
lien.

(D)
The eligible
lending institution may record the lien certificate or memorandum thereof as a
mortgage on the land in the office of the county recorder of the county in
which the homestead is situated. The county recorder shall record the
certificate in the official records provided for in section 317.08 of the Revised Code and shall index the certificate
in the indexes provided for under section 317.18 of the Revised Code. If the
lien subsequently is canceled, the cancellation also shall be recorded by the
county recorder. When a loan is repaid in full, the eligible financial
institution shall promptly record the full payment and cancel or otherwise
release the lien. On repayment of the loan in full, the lien certificate shall
be null and void.